Introduction

It needs hardly any emphasis that insurance plays a vital role to the economy of a country. As the pace of industrialization is getting momentum in the country, the need for providing protection against various perils which may cause loss to properties trade and commerce is increasing simultaneously. In order to extend efficient services to the clients in the context of globalization, Islami Commercial Insurance Co. Ltd. started in its operation of business from 1st day of January, 2000. Accordingly, as required under the law of the country, the company is duly registered and established under the Company’s Act, 1994 and the Insurance Act, 1938 with a view to transacting all types of General Insurance business viz. Fire, Marine, Motor & Miscellaneous insurance business etc.

Capital – Authorized and Paid Up

The capital structure of the company is as follows:- 

  1. Authorised Capital :           100,00,00,000/= (Taka hundred crore)
  2. Paid-up-Capital       :           The initial paid-up-capital of the company was

Tk.6,00,00,000/= (Taka six crore) which raised to Tk.30,39,16,660/= (Taka thirty crore thirty nine lac sixteen thousand six hundred sixty) by issuing Stock Dividend from its profit.

The company is preparing to float shares for Tk.20,26,00,000/= (Taka twenty crore twenty six lac) through Initial Public Offering (IPO).

The Credit Rating of our Company is “AA-”The capital base of the company is very strong having a sizable amount as Statutory Deposit with Bangladesh Bank as required under the provision of the Insurance Act, 2010.

Financial Highlights at a Glance

all BDT. amount in lac

Particulars20202019201820172016
Authorized Capital100007500750075007500
Paid Up Capital30392951295129512682
Gross Premium Income55205020462941023259
Re-Insurance Ceded19121545184116961117
Net Premium Income36073475278824062142
Commission on Re-Insurance342355317408262
Gross Claim Paid 22506623752384332
Net Claim Paid 981497598361251
Underwriting Profit571343-51599507
Investment & Other Income59329282715391
Net Profit before Tax46349977599507
Investment in FDR, BGTB & Share45414996495045333924
Total Reserve28722648245926762421
Total Assets96969549959987987965
Dividend Percentage7%3%5%12%12%